Advantages And Disadvantages Of
Starting An Online Business Here In Nigeria.
Before you decide on starting an online business here in
Naija, here are some advantages and disadvantages of starting an online
business you should consider .
Advantages or pros of starting an online business.
- Nigeria is very much untapped when it comes to the internet
- Startup can be very cheap when compared with starting an
offline business. An online business can be started with just as little
as N100,000. Please don't take this for total investment but its enough
but to get you started. And if you actaully do it right you could not
have to spend much to get it to profitability.
- You can run your business from anywhere. Unlike the
traditonal business that you might have to go to your business
everyday. An online business can be run from home and other place that
you might find yourself. No need for traffic hastles in the mornings
and evenings.
- You have the ability to work it part time or full time.
Yes, you could run on online business on just a few hours a week. And
you also have the ability to keep it on auto pilot after you have
successfully gotten it up and running. This would give you a lot of
time to spent with the peole you love the most.
- Low overhead cost. With an online business, you might not
need any staff thereby keeping your cost low. You also don't have to
pay for paperwork and you don't need stationaries. All this will help
to keep you cost very low.
- The internet is still very young and lots of opportunities
still abound.
- If you get it right, you can have superfast growth. Take
youtube as an example. It was started in Feb 2005 and was sold for
1.65billion in October 2006. Can you beat that. What about facebook?
Same kind of amazing story.
- You are open for business 24/7 365 days in a year. No week
ends, no holidays, no opening or closing time. You make money even
while you sleep.
- You have the ability to offer your product or services to a
larger market than a traditional brick and mortar business.
- Nigeria has a large population which provide use with quite
a large market.
As it said everything with an advantage also has a
disadvantage.
Disadvantages or cons of Starting an online business in
Nigeria.
- There are limitation set on Nigeria by a few great service
providers because of the frauds coming out of the country.
- Low internet awareness in Nigeria will keep you market a bit
limited for now if you are targeting only the Nigerian market.
- Low starting cost which means that any one with a capital
could also put up a website and compete with you.
- Your website could easily be copied.
- You might need to learn new skills and gain more knowledge
if you wish to keep your cost low and succeed.
- There are lots of scams out there and you could fall victim
to them if you are not carefull.
We have looked at both some of the advantages and
disadvantages of starting an online business here in Nigeria.
You should now be able to decide if starting an online biz is
for you or not.
If you dicide to go ahead, there are tons of info on this site
that should keep you on track, use them
Empty
pockets never held anyone back. Only empty heads and empty hearts can
do that. - Norman Vincent Peale
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